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Jakarta Post

World Bank, IMF, ADB failing in functions: Jokowi

  • The Jakarta Post

    The Jakarta Post

Jakarta   /   Wed, April 22, 2015   /  03:10 pm

President Joko "Jokowi" Widodo lashed out on Wednesday with harsh criticism against the World Bank, the International Monetary Fund (IMF) and the Asian Development Bank (ADB), saying that the institutions had failed to deliver solutions for the global economy.

"Views stating the world's economy can only be resolved by the World Bank, the IMF and the ADB are outdated and need to be thrown away," said Jokowi in a speech before leaders attending the Asian-African Summit in Jakarta.

China's Xi Jinping and Japan's Shinzo Abe were present during the meeting.

Jokowi said that the world should no longer rely on the three institutions, and demanded that Asia and Africa unite to establish a new world economic order.

"We've urged for reform in the global financial architecture to eliminate the domination of a few. The world now needs a collective leadership that is just and responsible," he said.

Analysts have criticized the event for being merely a celebration to help Jokowi please his patron Megawati Soekarnoputri, chairwoman of the ruling Indonesian Democratic Party of Struggle (PDI-P), amid their souring relations.

Megawati's father Sukarno, Indonesia's founding father, co-initiated the first Asian-African Conference to oppose colonialism. (ren)(++++)

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